Bhutan became first neighboring nation to use BHIM UPI
Recently, Bhutan will implement India’s Unified Payment Interface (UPI) standards in its country. Bhutan will use the ‘UPI’ standards for its ‘Quick Response (QR) code’ i.e. ‘QR code’.
While Bhutan is also the second country, after Singapore, to accept ‘BHIM-UPI’ at merchant locations.
With this, Bhutan will become the only country to issue and accept RuPay cards as well as to accept ‘BHIM-UPI’.
What is BHIM?
- Bharat Interface for Money (BHIM) is a ‘Digital Payment Application’ of India working through ‘Unified Payment Interface’ (UPI). In the Unified Payments Interface (UPI) system, multiple bank accounts can be operated from a single mobile application.
- BHIM app is developed by National Payments Corporation of India (NPCI). It provides the facility of real-time money transfer. BHIM app was launched in December 2016.
What is UPI?
Unified Payments Interface or Unified Payments Interface (UPI) is an instant real-time payment system. The system allows users to transfer funds on a real-time basis across multiple bank accounts without revealing their bank account details to the other party.
There are three levels of authentication in the BHIM app:
- This app is linked to the ID and mobile number of a device.
- The user has to sync the bank account (UPI or non-UPI enabled) to do the transaction.
- A user is asked to create a ‘PIN’ while starting the BHIM app in his device. This ‘PIN’ is required to ‘log in’ to the app. The user is required to use the ‘UPI PIN’ linked to his bank account to make any transaction.
Source – The Hindu